The Vermont Statutes Online

Title 10 : Conservation and Development

Chapter 012 : Vermont Economic Development Authority

Subchapter 004 : Economic Development Revenue Bonds

• § 253. State projects

  (a) The State of Vermont may engage in projects within the state in accordance with the provisions of this subchapter. For the purposes of this section and section 254 of this title:

  (1) The word “municipality” as used in the sections of this subchapter other than this section shall mean the “State of Vermont”;

  (2) The provisions of section 245 of this title shall not apply; and

  (3) The provisions of this subchapter other than this section and section 254 of this title shall, where appropriate, be deemed to be modified or superseded by the provisions of this section and section 254 of this title.

  (b) For the purposes of engaging in a project, the Authority shall act in the name of the State and on its behalf as its agent and instrumentality for the execution of financing documents, security documents, bonds, and other appropriate instruments or for the taking of any action with respect to a project financed in whole or in part by the issue of bonds under section 254 of this title.

  (c) Title to or possessory interest in any eligible facility that is financed in whole or in part by the issue of bonds pursuant to section 254 of this title may be taken and held in the name of the State. In performing its functions under this section, the Authority may exercise any and all powers conferred upon municipalities by this subchapter, but the Authority shall not execute any financing document, security document, or bond with respect to a project until the Authority has made the findings required by section 246 of this title.

  (d) The Authority shall establish guidelines for the type and location of projects that shall be considered in evaluating applications for financing under this subchapter. These guidelines shall be used to prioritize projects and shall include factors such as the number of permanent jobs created or retained; the wage rates of the jobs created; the availability and suitability of private market financing; the employment multiplier effect; the potential for alleviating unemployment in distressed areas; the potential effect on the revitalization of depressed commercial areas; the potential to stimulate markets for recycled materials to be used as raw materials; whether the project is located in the job development zone as designated under chapter 29, subchapter 2 of this title; and a potential for increasing capital investment. In the consideration of nonmanufacturing projects, priority shall be given to those projects located within areas suffering from the loss of commercial or service enterprises, loss of commercial or service sales, buildings with large vacancy rates, or physically deteriorating structures. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 17, eff. March 27, 1975; 1975, No. 187 (Adj. Sess.), § 2; 1983, No. 159 (Adj. Sess.), § 2, eff. April 14, 1984; 1985, No. 172 (Adj. Sess.), § 3; 1991, No. 202 (Adj. Sess.), § 10, eff. May 27, 1992; 1993, No. 89, § 3(b), eff. June 15, 1993.)